Union Pacific Net Income Rises 17%
Union Pacific Corp.’s second-quarter net income rose 17% to $1.29 billion, or $1.43 per share, continuing a trend of profit growth reported by other railroads.
Revenue at Union Pacific, in Omaha, Nebraska, rose 10% to $6.02 billion, and shipments rose 7%. Second-quarter 2013 net income was $1.11 billion, or $1.18 per share.
Five other North American railroads have reported higher quarterly earnings over the past two weeks, with Canadian Pacific Railway Ltd. posting the largest increase.
“We are optimistic about the second half of the year,” CEO Jack Koraleski said in a statement.
Truck-rail freight posted the second-largest revenue gain of any commodity hauled by the railroad, rising to $1.15 billion, a 16% improvement, reflecting a 12% rise in shipments. Agricultural freight revenue rose the most at 19%.
